SGS SA |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 81.28 CHF | +0.27% |
|
-0.27% | +12.05% |
| Apr. 26 | SGS : Starting 2024 on the right note, 2024 ambitions confirmed |  |
| Apr. 26 | Transcript : SGS SA, Q1 2024 Sales/ Trading Statement Call, Apr 26, 2024 |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 20,057 | 20,165 | 22,837 | 16,107 | 13,370 | 15,384 | - | - |
| Enterprise Value (EV) 1 | 21,463 | 21,643 | 24,528 | 18,930 | 16,209 | 17,835 | 17,675 | 17,420 |
| P/E ratio | 30.4 x | 41.8 x | 37.3 x | 27.3 x | 24.3 x | 26.3 x | 22.6 x | 20.1 x |
| Yield | 3.02% | 3% | 2.63% | 3.72% | 4.41% | 3.97% | 4.02% | 3.99% |
| Capitalization / Revenue | 3.04 x | 3.6 x | 3.57 x | 2.43 x | 2.02 x | 2.26 x | 2.13 x | 2.02 x |
| EV / Revenue | 3.25 x | 3.86 x | 3.83 x | 2.85 x | 2.45 x | 2.62 x | 2.45 x | 2.29 x |
| EV / EBITDA | 14.1 x | 16.3 x | 16.2 x | 12.7 x | 11.4 x | 11.8 x | 10.8 x | 9.91 x |
| EV / FCF | 24.7 x | 28.6 x | 38.6 x | 37.3 x | 25.5 x | 24.5 x | 21.9 x | 20.1 x |
| FCF Yield | 4.05% | 3.5% | 2.59% | 2.68% | 3.92% | 4.08% | 4.56% | 4.98% |
| Price to Book | 13.2 x | 18.9 x | 20.4 x | 23.5 x | 29.1 x | 24.8 x | 20.7 x | 15.9 x |
| Nbr of stocks (in thousands) | 189,143 | 188,810 | 187,376 | 187,292 | 184,309 | 189,276 | - | - |
| Reference price 2 | 106.0 | 106.8 | 121.9 | 86.00 | 72.54 | 81.28 | 81.28 | 81.28 |
| Announcement Date | 1/28/20 | 1/28/21 | 1/27/22 | 1/26/23 | 1/26/24 | - | - | - |
1CHF in Million2CHF
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 6,600 | 5,604 | 6,405 | 6,642 | 6,622 | 6,808 | 7,207 | 7,601 |
| EBITDA 1 | 1,521 | 1,324 | 1,515 | 1,489 | 1,424 | 1,510 | 1,643 | 1,757 |
| EBIT 1 | 1,063 | 900 | 1,055 | 1,023 | 971 | 1,023 | 1,132 | 1,220 |
| Operating Margin | 16.11% | 16.06% | 16.47% | 15.4% | 14.66% | 15.03% | 15.71% | 16.05% |
| Earnings before Tax (EBT) 1 | 1,017 | 742 | 924 | 849 | 802 | 874.6 | 991.1 | 1,101 |
| Net income 1 | 660 | 480 | 613 | 588 | 553 | 585.4 | 679.1 | 758.7 |
| Net margin | 10% | 8.57% | 9.57% | 8.85% | 8.35% | 8.6% | 9.42% | 9.98% |
| EPS 2 | 3.487 | 2.553 | 3.272 | 3.147 | 2.990 | 3.089 | 3.599 | 4.054 |
| Free Cash Flow 1 | 870 | 758 | 635 | 507 | 635 | 727.1 | 805.4 | 867.5 |
| FCF margin | 13.18% | 13.53% | 9.91% | 7.63% | 9.59% | 10.68% | 11.17% | 11.41% |
| FCF Conversion (EBITDA) | 57.2% | 57.25% | 41.91% | 34.05% | 44.59% | 48.15% | 49.03% | 49.36% |
| FCF Conversion (Net income) | 131.82% | 157.92% | 103.59% | 86.22% | 114.83% | 124.21% | 118.59% | 114.34% |
| Dividend per Share 2 | 3.200 | 3.200 | 3.200 | 3.200 | 3.200 | 3.230 | 3.268 | 3.245 |
| Announcement Date | 1/28/20 | 1/28/21 | 1/27/22 | 1/26/23 | 1/26/24 | - | - | - |
1CHF in Million2CHF
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2019 S2 | 2020 S1 | 2020 S2 | 2021 S1 | 2021 S2 | 2022 S1 | 2022 S2 | 2023 S1 | 2023 S2 | 2024 S1 | 2024 S2 | 2025 S1 | 2025 S2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 3,259 | 2,650 | 2,954 | 3,094 | 3,311 | 3,255 | 3,387 | 3,284 | 3,338 | 3,276 | 3,466 | 3,406 | 3,664 |
| EBITDA | - | - | - | - | - | - | - | 690 | 734 | - | - | - | - |
| EBIT | 574 | 330 | 570 | 457 | 598 | 458 | - | 462 | 509 | - | - | - | - |
| Operating Margin | 17.61% | 12.45% | 19.3% | 14.77% | 18.06% | 14.07% | - | 14.07% | 15.25% | - | - | - | - |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net income | - | - | - | - | - | 276 | - | 272 | 281 | - | - | - | - |
| Net margin | - | - | - | - | - | 8.48% | - | 8.28% | 8.42% | - | - | - | - |
| EPS | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 1/28/20 | 7/21/20 | 1/28/21 | 7/19/21 | 1/27/22 | 7/19/22 | 1/26/23 | 7/24/23 | 1/26/24 | - | - | - | - |
1CHF in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 1,406 | 1,478 | 1,691 | 2,823 | 2,839 | 2,451 | 2,290 | 2,036 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 0.9244 x | 1.116 x | 1.116 x | 1.896 x | 1.994 x | 1.623 x | 1.394 x | 1.158 x |
| Free Cash Flow 1 | 870 | 758 | 635 | 507 | 635 | 727 | 805 | 867 |
| ROE (net income / shareholders' equity) | 41.5% | 37.3% | 61.6% | 76.6% | 96.7% | 112% | 108% | 95.3% |
| ROA (Net income/ Total Assets) | 10.6% | 7.25% | 9.63% | 9.75% | 9.29% | 9.53% | 10.4% | 11.4% |
| Assets 1 | 6,197 | 6,617 | 6,366 | 6,029 | 5,951 | 6,141 | 6,549 | 6,663 |
| Book Value Per Share 2 | 8.020 | 5.640 | 5.970 | 3.660 | 2.490 | 3.280 | 3.930 | 5.120 |
| Cash Flow per Share 2 | 6.070 | 6.310 | 6.230 | 5.530 | 6.070 | 6.390 | 6.880 | 7.430 |
| Capex 1 | 279 | 246 | 336 | 329 | 283 | 313 | 330 | 345 |
| Capex / Sales | 4.23% | 4.39% | 5.25% | 4.95% | 4.27% | 4.6% | 4.57% | 4.54% |
| Announcement Date | 1/28/20 | 1/28/21 | 1/27/22 | 1/26/23 | 1/26/24 | - | - | - |
1CHF in Million2CHF
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
A
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
19
Last Close Price
81.28
CHF
Average target price
88.13
CHF
Spread / Average Target
+8.42%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| +12.05% | 16.69B | |
| -.--% | 6.97B | |
| -11.41% | 2.91B | |
| -6.89% | 2.85B | |
| -27.64% | 1.83B | |
| -2.47% | 1.16B | |
| -6.63% | 1.07B | |
| -10.95% | 831M | |
| +3.53% | 781M | |
| -11.10% | 737M |
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